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Bookkeeping – The BAS (Business Activity Statement) and what you need to get form your bookkeeping and accounts

If you are a business registered for GST you need to lodge a business activity statement (BAS).

Your BAS will help you report and pay your:

Goods and services tax (GST);

Pay as you go (PAYG) instalments;

PAYG withholding tax;

Other taxes.

Business activity statements (BAS)

The Business Activity Statement (BAS) is a tax reporting requirement for businesses issued by us on either a monthly or quarterly basis. It’s used for reporting and paying Goods and Services Tax (GST), Pay As You Go (PAYG) instalments, PAYG withholding tax and other tax obligations.

When you register for an Australian Business Number (ABN) and select GST (turnover will be over $75,000 ex GST), the Tax Office (ATO) will automatically send you a BAS when it is time to lodge.

All businesses registered for GST are required to lodge a BAS by the due date.

Completing the GST labels on your BAS

You must complete the goods and services (GST) tax section of your business activity statement(BAS) if your business is registered for GST.

The GST labels you complete depend on the GST reporting option you have chosen for the FIRST quarter of the tax year (Jul – Sep):

Option 1 - Calculate and Report Quarterly;

Option 2 - Calculate Quarterly, Report Annually (total for the year);

Option 3 - Pay Instalment amount, Report Annually.

You can lodge your BAS electronically, by mail or for nil lodgements on the phone. You can pay electronically, by mail or in person at Australia Post.

To avoid penalties you need to lodge and pay on time. If you can't lodge or pay by the due date, contact us as soon as you can.

The ATO site is full of information to assist you in your tax reporting requirements – and tells you what your bookkeeping needs to supply you, to prepare the form at the GST labels on your BAS (Business Activity Statement). Here are the KEY details about what the BAS is.